IMD World Competitiveness Booklet 2022

however, a noteworthy drop in the Public Finance sub-factor (4 th to 10 th ). In the Business Efficiency factor, it improves one spot to 6 th due to increases in Productivity and Efficiency (13 th to 8 th ) and Finance (11 th to 8 th ). It remains 5 th in Manage- ment Practices. Taiwan also advances in Infrastructure (14 th to 13 th ) by improving in Technological Infrastructure (9 th from 10 th ) and by steady performing steadily in Scientific Infrastructure (6 th ) and Educa- tion (16 th ). However, it experiences a drop in Health and Environment at 26 th (from 24 th ). Despite a downturn in the Economic Performance factor (44 th ) due to drops in the Domestic Economy (36 th ), Employment (40 th ) and Prices (40 th ) sub-factors, Finland joins the top 10 this year. The improve- ment comes on the back of advances in the Government Efficiency factor (14 th to 10 th ) particularly in Tax Policy (52 nd from 59 th ), Institutional Framework (3 rd from 6 th ), Business Legislation (6 th from 12 th ) and Societal Framework where it reaches 1 st spot. Finland’s performance in the Business Efficiency factor is similar rising to 5 th (from 12 th ) due to advancements in all of its sub-factors, most notably in Labor Market (from 24 th to 18 th ) and Atti- tudes and Values (from 14 th to 5 th ). In the Infrastructure factor, Finland rises to 4 th (from 5 th ) by improving in all of this factor’s components with the largest increases in Basic Infrastructure (from 11 th to 6 th ) and Scientific Infrastructure (from 15 th to 12 th ). It ranks in the top 3 in the rest of the sub-factors. Norway’s decline in the overall ranking is the result of a downward trend in three of the four competitiveness factors. Although it remains in 25 th place in the Economic Performance factor, its performance falls

in the Domestic Economy sub-factor (28 th ), as well as in the International Invest- ment (22 nd ), Employment (18 th ) and Prices (44 th ) sub-factors. Within the Government Efficiency factor, where Norway slightly declines to 5 th (from 4 th ), it drops in Institu- tional Framework (5 th ), Business Legisla- tion (10 th ) and Societal Framework (4 th ) but increases seven spots in Public Finance to reach 1 st place. In Business Efficiency, Norway experiences a downturn from 6 th to 10 th as it drops in all sub-factors, the largest declines being in Management Practices (17 th )) and Attitudes and Values (18 th ). An exception is in the Labor Market sub-factor where it increases from 11 th to 10 th . In Infrastructure, it also falls from 4 th to 6 th because its performance declines in all of the factor’s components with the largest drop being in Education (from 6 th to 10 th ). In the overall ranking, the USA remains in 10 th place, despite some notable declines at the sub-factor level. For example, its performance in International Trade (41 st ), Institutional Framework (23 rd ), Manage- ment Practices (15 th ) and Technological Infrastructure (11 th ) deteriorates. The country’s rankings in other sub-factors remain low, such as in Public Finance (53 rd ), Societal Framework (40 th ) and Atti- tudes and Values (26 th ). Despite these trends, the USA reaches the top place in International Investment and remains 1 st in Scientific Infrastructure. The country also advances in other areas, including the Employment (10 th ) and Labor Market (23 rd ) sub-factors.


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